'FSO Africa', owned by TI Africa, on long-term contract to Maersk Oil Qatar (MOQ) for services on the Al Shaheen Field.
The contract has a fixed duration of five years from 1 October 2012 with an option granted to MOQ to extend the contract period for either one or two years.
FSO Asia has been operating on the Al Shaheen field for two and a half years and FSO Africa for over two years. The vessels continue to operate at a high level of performance in terms of quality of oil produced and without incurrence of off-hire since their respective in- service dates.
FSO Africa and FSO Asia are the two largest and most sophisticated double-hulled FSOs in the world. They are owned by joint venture companies in which Overseas Shipholding Group, Inc. and Euronav each have a 50% interest.
The new agreement extends to MOQ use of the full capacity and functionality against an increase of the daily hire earned in each contract year equal to the daily hire rate schedule of the existing service contract for FSO Asia, its sister vessel.